Freshgrass Holdings and Fane Valley Co-operative Society have confirmed that they have reached an agreement to become 50:50 joint owners of Drummonds, subject to the approval of the Competition and Consumer Protection Commission.
The objective of the joint venture, they said, is to "continue to support the excellent business relationships formed over the years by Drummonds and to enhance the competitive advantages of the business through a series of new strategic initiatives."
Drummonds chair Liam Woulfe described the deal as a "very exciting opportunity for our excellent staff, cereal growers, agri-customers and all other stakeholders.
"The primary driver to creating this joint venture is solely to utilise the strengths and business acumen of both partners to deliver an even more successful Drummonds’ proposition, especially given the increasing focus on the environment and sustainability."
Trevor Lockhart, CEO, Fane Valley Co-operative Society, added that the Fane Valley team is looking forward to working together with Liam, the Drummonds’ management team and staff "to make Drummonds the very best business it can be, to the benefit of its farmer suppliers, customers, employees and shareholders."
"In my view, this is an exceptional business partnership and from our discussions and assessments, there are great synergies in the vision, ambition and culture of both partners," Lockhart said.